This document is a manual for crude oil options trading. It introduces the history of options, the概况 of China's crude oil futures market, the reasons for listing crude oil options, crude oil futures options contracts, basic concepts of contracts, key points of crude oil options business, key points of trading business, key points of exercise business, key points of settlement business, key points of risk control business, key points of information management business, key points of investor suitability business, and the principle of option hedging and case analysis.